HSBC Mutual Fund to keep L&T MF's entire team

Mumbai: HSBC Mutual Fund will absorb the entire team of L&T Mutual Fund it acquired last month, said two people with direct knowledge of the matter.

The Indian asset management arm of the British bank has introduced a new management structure where its existing head Ravi Menon and L&T Mutual's Kailash Kulkarni would be the co-chief executive officers, the people said. Kulkarni was CEO of L&T Mutual.

The heads of the erstwhile L&T Mutual will be in charge of the investment teams - both equity and debt. The equities team of the merged entity will be led by Venugopal Manghat, who will now be the chief investment officer (CIO). Shriram Ramanathan, fixed income head of L&T Mutual, will be the CIO of the new entity's fixed income business, they said. An HSBC spokesperson declined to comment.


The merged entity, which got the regulatory nod last month, will have a team of about 450 people. The fund management team will now have 26 personnel including fund managers, analysts and dealers.

"The combined entity will have a large asset base and higher size. They have good credentials and will also attract institutional investors due to their scale," said Dhirendra Kumar, founder, of Value Research.